Prof. Luis Cabral on austerity in Portugal

— July 4, 2013

Excerpt from The New York Times -- "Even though this week’s upheaval in Lisbon can be seen as 'a victory for the anti-austerity camp,' said Luis Cabral, a Portuguese economist who teaches at New York University, he suggested that the European policy debate would continue, as countries like France that have sought to steer away from drastic spending cuts fail to demonstrate that they have the capacity for the kind of government spending — what Mr. Cabral called 'a Keynesian magic wand' — that will solve Europe’s economic problems."